Read

Binance has collaborated with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to crack down on a $6.2 million money laundering scheme.
According to the <a href="https://www.binance.com/en/square/post/2024-05-17-binance-aids-taiwan-authorities-in-a-major-virtual-asset-related-money-laundering-case-worth-nearly-nt-200-million-8207987168722" target="_blank" rel="noopener noreferrer nofollow">official release</a>, the massive operation valued at nearly NT$200 million was aiding scammers in laundering illicit funds using cryptocurrencies. The perpetrators used fabricated remittance proofs, identification data, and customer conversation records to bypass authorities.
Lo Wei-yuan, prosecutor at the Taipei District Prosecutors Office, has indicted nine individuals and charged them with violations of the Money Laundering Control Act, aggravated fraud, and organized crime prevention regulations.
Law enforcement authorities were able to trace the suspicious transactions with the aid of Binance’s Financial Crimes Compliance (FCC) department.
The exchange introduced the FCC in 2020 in a bid to adhere to global standards in combating financial crimes involving digital assets. It comprises investigators from different backgrounds in technology, banking, law enforcement, and intelligence.
“Upon receiving the request, Binance [..] set up a cross-border online meeting with the investigating officers and prosecutors to discuss the collaborative strategy,” the release noted.
You might also like: <a href="https://crypto.news/taiwanese-officials-confiscate-320m-in-nations-biggest-crypto-money-laundering-operation/" rel="noopener noreferrer nofollow"> Taiwanese officials confiscate $320m in nation’s biggest crypto money laundering operation </a>
Binance has made a notable name for itself within Taiwan. Last year, it applied to be registered under Taiwan’s Financial Supervisory Commission (FSC) and Money Laundering Control Act.
Local regulators have previously <a href="https://www.ctee.com.tw/news/20240314701676-430301" target="_blank" rel="noopener noreferrer nofollow">acknowledged</a> the exchange’s cooperation in aiding with virtual asset fraud cases.
The firm also <a href="https://crypto.news/binance-bolsters-web3-trust-through-law-enforcement-workshop-in-taiwan/" rel="noopener noreferrer nofollow">conducted</a> a virtual assets law enforcement workshop for the officers of the Keelung District Prosecutors Office in Taiwan in March.
Meanwhile, regulators in Taiwan are looking to <a href="https://crypto.news/taiwans-fsc-cryptocurrency-regulation/" rel="noopener noreferrer nofollow">introduce</a> cryptocurrency regulations by the end of 2024. Huang Tianzhu, the chairman of the Financial Supervisory Commission (FSC), has raised concerns about illegal activities powered by cryptocurrencies and plans to bolster its oversight of crypto exchanges and impose penalties.
The nation currently hosts 10 entities offering virtual currency trading services. Regulators have also advised against using non-compliant entities to avoid risks.
Read more: <a href="https://crypto.news/binance-bolsters-web3-trust-through-law-enforcement-workshop-in-taiwan/" rel="noopener noreferrer nofollow"> Binance bolsters web3 trust through law enforcement workshop in Taiwan </a>

Binance and Taiwan regulators curb $6.2m money laundering ring

crypto.news

Other articles published on May 17, 2024

Momen Rilis BlockDAG Jadi Tonggak Penting Evolusi Blockchain

Notcoin in focus as KangaMoon excites with bonus sale

74 Million Dollar Giant Corporate Whale Started Profit Sales! Transferred These Four Altcoins to ...

Telegram Founder’s $7M Notcoin Donation Sparks Controversy

PSTAKE token is now listed on Aerodrome on Base

Top Altcoins to Buy for 10x Profits in 2024

Join our free newsletter for daily crypto updates!